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Investors trade Kendall shopping strip for $7.7M

Investors trade Kendall shopping strip for $7.7M
Property is fully leased to long-term tenants
February 02, 2016 10:30AMBy Sean Stewart-Muniz

The Kings Creek Shopping Center on the northeastern edge of Kendall

A trio of investors just put down $7.7 million for the Kings Creek Shopping Center in northeastern Kendall, marking the property’s fifth resale since it was first built in the 1970’s.
The mixed-use strip is located on nearly 4.3 acres at 8100 Southwest 81st Drive near the Dadeland Mall. It’s split into two sections: single-story retail and second-story offices.
According to a LoopNet listing for the property, it’s completely leased out to 23 tenants — 11 retail and 12 office lessees.
Kings Creek has been owned for the last five years by a Florida company named Codax. Corp. It lists Antonio Rodriguez and Jesus Gonzalez of Miami as its managing members. The pair originally paid $5.75 million — or about $127 per square foot — for the strip in 2010, according to Miami-Dade County records.
Now, they’ve resold Kings Creek for $170 per square foot. That’s a price increase of almost 34 percent.
The buyer is a limited liability company called JDP Equities. It’s managed by three principals: Jose Pereira, Daniel Masso and David A. Perez.
No financing has yet been recorded for the deal, according to county records.

Source: The Real Deal

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